Happiest Minds shares jump 7% on vertical structuring. Details here

Shares of Happiest Minds Technologies Ltd rose sharply in Tuesday's trade after the company announced its new vertical organization structure, comprising six new industry groups. These groups are Industrial, Manufacturing and Energy & Utilities, Healthcare & Life Sciences, Retail, CPG and Logistics, Banking, Financial Services, and Insurance (BFSI), Hi-Tech and Media & Entertainment and EdTech.

The stock today surged 6.59 per cent to hit a day high of Rs 889.30 over its previous close of Rs 834.35. At today's high price, the scrip has slipped 13.01 per cent from its one-year high value of Rs 1,022.30, a level seen on June 22 last year.

Despite the mentioned fall, the counter was up 16.48 per cent compared to its 52-week low of Rs 763.50, hit on March 29, 2023. On BSE, around 40,000 shares were last seen changing hands. The figure was higher than the two-week average volume of 25,000 shares. Turnover on the counter came at Rs 3.45 crore, commanding a market capitalisation (m-cap) of Rs 13,432.92 crore.

Ashok Soota, Executive Chairman at Happiest Minds, said, "The potential of this new structure is immense and will be the bedrock of new growth engines, enabling us to compete better in the global markets and realize our vision of reaching $ 1 billion in revenues by 2031."

The six industry groups will be led by Poornima Bethmangalkar (Industrial), Srinivas Iyengar (Healthcare), Priya Prasad (Retail), Subhasis Bandyopadhyay (BFSI) and Viswanath Subramaniam (EdTech), the company stated. The group head for Hi-Tech and Media will be announced in the coming weeks, it added.

Joseph Anantharaju, Executive Vice-Chairman & CEO (Product & Digital Engineering Services), said, "This verticalization is a major event in the evolution and growth of Happiest Minds changing the foundations of our organization structure, while significantly augmenting our sales prowess and accelerating growth. Each Industry Group (IG) will have dedicated teams with deep domain expertise, allowing for customized solutions, and faster response times thus enhancing our agility and driving innovation leading to increased customer happiness and sustainable growth."

The company's stock has a price-to-equity (P/E) ratio of 52.27 against a price-to-book (P/B) value of 9.22. Earnings per share (EPS) came at 15.96 with a return on equity (RoE) of 17.65.

As of December 2023, promoters held 50.24 per cent stake in the company.

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